Germany powers rise in eurozone industrial production
By Sean Farrell
Date: Tuesday 14 Dec 2021
(Sharecast News) - Eurozone industrial production rose broadly in line with expectations, powered by Germany, the currency bloc's biggest manufacturing nation.
Output rose 1.1% in the euro area and 1.2% in the EU in October compared with September, Eurostat said. The figures showed factories recovering after a dip a month earlier.
Analysts had on average expected eurozone production to rise 1.2%. The increase was driven by 3% growth in Germany and Slovakia followed by Greece, where output expanded 2.5%, and Denmark on 2.1%.
Capital goods output rose 3% and durable consumer goods rose 1.3%. Energy output increased 1.7%. The figures suggested manufacturing could help support the eurozone economy as restrictions designed to limit the Omicron variant affect services.
Melanie Debono, senior Europe economist at Pantheon Macroeconomics, said: "We think that the sector will support the economy this quarter despite the fact that lingering supply constraints and the ongoing energy crunch will keep a lid on output and that the return of the virus risks exacerbating supply bottlenecks."
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